Following our previous note regarding Draft Bill no.182 amending the Code of Commerce of Panama, we would like to inform you that it has now become Law 22 of 27th April 2015, which entered into force on 28th April 2015.
The law establishes that if a competent authority in Panama discovers, during a formal investigation, that a company has not complied with its obligation to keep an updated share register and register of minutes, it will impose a penalty on the company of up to US$150 for each day that the non-compliance continues.
It will also request the Public Registry to place a restriction on the company. The restriction will not prevent the company from registering corporate documentation or requesting certificates. However, the company may not be dissolved and any certificates issued in its name will state that the company has pending obligations with the authorities.
When the competent authority is satisfied that the company has remedied its situation, a formal notification will be issued to the Public Registry to remove these restrictions.
This means that every company file should include complete information about the shares issued and copies of the resolutions passed. For companies where we provide director services, this information will need to be kept in our records. We will therefore be reviewing company files to request the missing information from you if necessary.
Should you have any question, please do not hesitate to contact us at: firstname.lastname@example.org
Cardwell Advisory Desk